Car accessories supplier motors to record revenues
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A supplier of car, leisure and garden accessories is motoring towards record annual revenues as it celebrates its 35th anniversary.
The Ace Supply Company, which trades as Streetwize Accessories, has seen double-digit sales growth as the pandemic drives greater demand for its product range.
Streetwize was founded in 1986 by Murray Silverman and Leslie Millman. It is nowadays led by three directors – Murray, his son Dale and Dave Davis.
Dale Silverman said new customers and a move into new markets, along with increased orders from its existing client base, have put Streetwize on track for revenues of more than £17m in 2021.
Streetwize, which operates from 100,000 sq ft of warehousing and offices on the Royce Trading Estate at Trafford Park, Greater Manchester, is a leading distributor of car, caravan, motorhome, camping and garden accessories.
These are sold under various category brands, including Streetwize, Leisurewize, Gardenwize and Emove. The business services and tax teams at accountancy firm HURST are supporting Streetwize by providing strategic advice on its growth journey.
Streetwize, which has over 50 staff, serves more than 1,000 customers, from small independent shops to UK and international retail chains, wholesalers and distributors.
Dale said sales have risen during the pandemic as people have switched from spending their money on foreign holidays, eating out and new cars to consumer products for the home and garden and to spruce up their existing vehicles.
The boom in staycations has helped power sales of the company’s range of caravanning, motorhome and camping accessories, including awnings and Emove, its range of caravan motor movers.
Garden products have also been in big demand as people have spent more time at home while enjoying the outdoors. Streetwize has responded to the trend by expanding its range of garden accessories to include solar and wind-powered features and more furniture products and ornaments.
Growth in the used car market has been strong due to economic uncertainty and a desire to avoid using public transport, with a corresponding slump in demand for new vehicles.
This has helped boost sales of car accessories such as mat sets, wheel trims, battery chargers and security equipment, as motorists have sought to enhance their existing vehicles.
Streetwize has also responded to the growth in demand for electric vehicles with the recent launch of its Streetwize EV range, including charging cables.
As well as growing its UK business, Streetwize has expanded its export operations to supply customers in 25 countries from a standing start three years ago, and is looking at new market opportunities in territories such as the United States, South America and the Middle East.
Dale said: “We have seen strong growth across all our divisions, including mobility products, by gaining more listings with existing customers and attracting new customers.
“Our specialist sourcing teams have done a tremendous job over the past few years finding new products to help us expand our range significantly, which has also enabled us to improve our financial performance.
“There is still great scope for further expansion of the business both in the UK and overseas – a world of opportunity exists out there, despite short-term challenges we are facing such as the container shortage.
“Continued investment in the business to sustain our growth is also a big part of our strategy. We are currently investing a six-figure sum in to make our warehouse fully automated, which will enable us to provide an even more efficient and faster service to our growing customer base.
“Working with HURST has been transformational for Streetwize. The firm has offered us so much more than just accountancy services, from strategic support and direction to being a solid sounding board and much more.
Most importantly, the HURST team makes things simple, allowing us to get on with running our business day-to-day.”
Jo Gibson, a business services partner at HURST, said: “It’s extremely satisfying to work with this successful and fast-growing business to assist with its expansion strategy. We are impressed with how the management team at Streetwize have steered the business through COVID and Brexit and have continued to grow the company.”